If you’re thinking about business ownership and considering whether franchising is right for you, the following articles, previously shared at Acceler8Success Cafe will help you make an informed decision and provide clarity on your entrepreneurial journey.
5 Tips for Finding the Perfect Franchise
With the Great Resignation still in full swing, a lot of people are choosing to take control of their personal and professional future by exploring entrepreneurship.
Of those who realize their entrepreneurial potential many choose owning a franchise as the vehicle to take them from employment to entrepreneurship due to the already proven business model and built-in, ongoing support system, among other benefits.
If becoming a franchisee seems like the right path for you, follow the tips in this article to find the perfect opportunity.
Exploring a Franchise Opportunity: Do your due diligence… and then some!
Potential franchise buyers know before making a final decision, they need to obtain information from other franchisees and also, their possible franchisors. But what information do they need to get?
Generally, I recommend using the Franchise Disclosure Document (FDD) as a guide. Read through it and ask a potential franchisor very specific questions about each item listed. It’s a can’t miss road map. This article outlines the various FDD items that every candidate should ask questions about in order they have complete understanding of the brand and its business model.
Do Your Homework BEFORE Buying a Franchise!
The dream of owning your own business is alive and well for most Americans. The only problem is that many people don’t know where to start on the journey to becoming self-sufficient. There are a million different options, but first and foremost each potential entrepreneur must decide if he or she wants to become a franchisee or start a business independently.
Each route has its benefits; therefore, it’s critical to take the time to consider both options before making a decision. What it initially comes down to is asking yourself the questions listed within this article.
Franchise Success: It Takes More Than an Investment & Hard Work!
Too often than not, franchisees are of the mindset that they’ve bought into a franchise system and just need to sit back and wait for the business to flow through their doors. Sometimes, it’s ignorance and perception that clouds their thoughts. Thinking that the brand name they invested in should be enough for instant business success at their location. But most of the time, it’s just plain old arrogance that gets in the way.
It’s the arrogance of having committed hundreds of thousands of dollars to buy a franchise as being the sole reason for success. It’s also the basis of feeling that with this level of financial commitment, the franchisor should be solely responsible for making sure franchisees succeed. Almost demanding a guarantee of success!
Well, it is not the franchisor’s sole responsibility, under any circumstances, for making sure that franchisees succeed. Read this article to gain a better understanding of personal responsibility and accountability when owning a franchise business.
Buying a Franchise: Legacy or Emerging Brand?
With a new wave of brands, candidates are faced with questions beyond the norm. Instead of just focusing on investment level, industry segment and competition they will ask about the difference between legacy and emerging brands and advantage of one over the other. They’ll also ask specifically about an emerging brand head-to-head with a competing legacy brand that may clearly be the leader in that industry segment. They’ll wonder, isn’t it safer to invest in a recognized brand with a proven system as opposed to investing in something new and relatively unknown? This article identifies some of the obvious differences.
The Great American Franchise Expo
The Great American Franchise Expo connects hundreds of franchise businesses with potential owners. They provide education through seminars from industry experts on topics including franchise law, financing, and other critical business concepts. Attending these expos will provide potential franchisees with the opportunity to network with leading industry executives and franchise developers.
Recommended Books on Franchising
Listed below are several books on franchising that I highly recommend. I firmly believe these books must be read BEFORE signing a franchise agreement and remitting a franchise fee. They should be considered essential components of your due diligence. Know before you invest!
Become a Franchise Owner!: The Start-Up Guide to Lowering Risk, Making Money, and Owning What You Do by Joel Libava
The definitive A-to-Z guide to researching, selecting, and starting a viable franchise business
With more and more professionals looking for alternatives to traditional corporate employment, Become a Franchise Owner! informs would-be franchise owners of the joys and perils of purchasing a franchise. Authored by a trusted, feisty, tell-it-how-it-is independent franchise industry insider, this book offers straightforward, step-by-step tips and advice on how to properly (and carefully) research and select a franchise business.
Get tips on how to locate information about franchises, current industry trends, interviews with franchisors, and hot franchise opportunities.
- Offers a self-evaluation to discover if you are “franchise material”
- Describes how to choose the right franchise for your specific situation
- Lists the 40 crucial questions to ask current franchise owners
Owning a franchise isn’t for everyone; in fact, as Joel Libava says, “it’s really not for most people.” But if it is for you, this book can guide you in starting your own successful franchise business.
The Franchise MBA: Mastering the 4 Essential Steps to Owning a Franchise by Nick Neonakis
This comprehensively researched and deftly written franchise guide brings together experience and fact to give you the tools you need to understand which franchise is right for you. With insights from respected franchise leaders and a thorough understand of franchising, this book will help you understand and master the 4 Critical Steps to finding the Ideal Franchise: 1. The Introspective Self 2. The Franchisor 3. The Franchisees 4. The Legal and Financial
The Educated Franchisee: Find the Right Franchise for You, 3rd Edition by Rick Bisio
There is nothing more expensive than ignorance — let The Educated Franchisee serve as your guide for selecting a franchise that meets your needs!
The Educated Franchisee will teach you:
– How to find a franchise that is right for you.
– How owning a franchise can create wealth.
– Where to find quality franchisors.
– What qualities franchisors look for in a franchisee.
– How to gather information from franchisees.
– How to make sure the franchise makes money.
– How to confidently select the best franchise advisors.
– The five keys to long-term success as a franchise.
Franchise Bible: How to Buy a Franchise or Franchise Your Own Business by Rick Grossmann
The Insider’s Guide to Buying a Franchise or Franchising Your Business
In this easy-to-read guide, franchise expert Rick Grossmann and franchise attorney Michael J. Katz impart decades-worth of insight and advice on what it takes to make your franchise operation successful. Grossmann and Katz share expert tutorials, tricks of the trade, and access to sample franchise documents, checklists, and questionnaires designed to get you organized, support you through the process and get your new franchise off the ground.
If you’re thinking of buying a franchise, you’ll learn how to:
- Determine if running a franchise is right for you
- Navigate franchise disclosure documents and agreements
- Identify the signs of a good franchise opportunity
- If you’re thinking of franchising your existing business, you’ll learn how to:
- Pick the best method for expanding your business
- Understand the keys to establishing a successful franchise system
- Evaluate potential franchisees and grow your franchise Whether you want to buy a franchise or franchise your own business you’ll learn what to expect, how to move forward, and how to avoid costly mistakes–making Franchise Bible required reading.
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One More Question…
Are you ready to own a business?
Have a great day. Make it happen. Make it count!
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